U of M Economists Forecast U.S. Economic Growth

The U.S. economy is expected to grow at its highest rate in a decade, according to economists at the University of Michigan.

Gabriel Ehrlich, a U of M economist, says the nation’s overall economic output growth will rise 2.4 percent in 2016 and 2.9 percent in 2017.

He says the economy is also expected to add 4.7 million jobs over the next two years and unemployment will continue to fall from last year’s rate of 6.2 percent to 5.3 percent this year, 4.9 percent next year and 4.6 percent in 2017.

Ehrlich says that’s expected to help those with a part-time job to be able to find full-time employment.

But not all the news in the report was good. It says economic troubles overseas, a collapse in oil prices and reduced inflation could hurt net exports.